Correlation Between HUMANA and Artisan Emerging
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By analyzing existing cross correlation between HUMANA INC and Artisan Emerging Markets, you can compare the effects of market volatilities on HUMANA and Artisan Emerging and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in HUMANA with a short position of Artisan Emerging. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Artisan Emerging.
Diversification Opportunities for HUMANA and Artisan Emerging
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between HUMANA and Artisan is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Artisan Emerging Markets in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Artisan Emerging Markets and HUMANA is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on HUMANA INC are associated (or correlated) with Artisan Emerging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Artisan Emerging Markets has no effect on the direction of HUMANA i.e., HUMANA and Artisan Emerging go up and down completely randomly.
Pair Corralation between HUMANA and Artisan Emerging
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Artisan Emerging. In addition to that, HUMANA is 5.26 times more volatile than Artisan Emerging Markets. It trades about -0.09 of its total potential returns per unit of risk. Artisan Emerging Markets is currently generating about 0.37 per unit of volatility. If you would invest 1,035 in Artisan Emerging Markets on November 27, 2024 and sell it today you would earn a total of 14.00 from holding Artisan Emerging Markets or generate 1.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Artisan Emerging Markets
Performance |
| Timeline |
| HUMANA INC |
| Artisan Emerging Markets |
HUMANA and Artisan Emerging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Artisan Emerging
The main advantage of trading using opposite HUMANA and Artisan Emerging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Artisan Emerging can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Artisan Emerging will offset losses from the drop in Artisan Emerging's long position.| HUMANA vs. Amkor Technology | HUMANA vs. Primo Brands | HUMANA vs. The Coca Cola | HUMANA vs. Brandywine Realty Trust |
| Artisan Emerging vs. Tiaa Cref Large Cap Growth | Artisan Emerging vs. Fidelity Large Cap | Artisan Emerging vs. Fisher Large Cap | Artisan Emerging vs. Neiman Large Cap |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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